NEW YORK (CNNfn) - JDS Uniphase Corp., the world's top supplier of fiber-optic components, announced plans Tuesday to slash approximately 3,000 jobs, or about 10 percent of its global workforce.

The San Jose, Calif.-based company blamed the current business environment and said the reductions will be concentrated mostly in its passive component manufacturing operations in California and Ottawa, Canada.

JDS stated, however, that "it intends to continue to hire for key positions in its high-growth product areas."

The announcement came just weeks after the company warned that earnings for the fiscal third quarter will fall short of Wall Street's expectations by some 19 percent.

Shares of JDS (JDSU: Research, Estimates) were down $3.62 at $29 in late afternoon trading Tuesday. The stock has been trading between $153.42 and $28.75 in the past year.